Prudential seeks $30 bln to buy AIG unit: report

Prudential PLC (PRU.LN) is poised to make the biggest cash-call in British corporate history to help to finance an audacious acquisition of American International Group's
AIG, -0.14%
Asian assets, according to U.K. newspaper The Times on Monday.

The U.K.'s second-largest insurer will tell the stock market Monday morning that it is in advanced talks to buy AIA for about $30 billion (GBP19.6 billion), The Times said, without citing its sources. Prudential plans to ask investors for about GBP15 billion, the newspaper said.

Talks between AIG and Prudential were continuing into the early hours Monday morning, amid speculation that a formal agreement could be signed later in the day, The Times said.

Prudential's shares are expected to tumble in the wake of Monday's statement, as investors digest a huge capital-raising that, unless they take it up, would heavily dilute their stakes, The Times said.

Prudential shares closed at 602.5p on Friday, valuing the insurer at GBP14.9 billion--less than the expected size of the rights issue, The Times said.

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